Despite efforts to achieve an inclusive society with reduced poverty, Ireland faces numerous challenges. Particularly, inequalities in education and labor participation have exacerbated due to the COVID-19 pandemic. New directions in solutions and collaborations between the public and private sectors are therefore crucial to more effectively address these social challenges. Initiating new financing structures, such as Social Outcomes Contracts (SOCs), is one way to contribute to this effort.

EIB’s Request

A SOC, also known as a Social Impact Bond (SIB), is a public-private partnership model focused on achieving outcomes for the target population. To explore the feasibility of SOCs in Ireland and develop a SOC pilot project, the Irish government has sought assistance from the EIB Advisory Hub. The EIB has engaged Social Finance NL to conduct this feasibility study. Rethink Ireland, an organization that funds social innovation in Ireland, represents the Irish government in this initiative.

The SFNL Approach

The feasibility study is divided into two phases. In the first phase, we explored the current ecosystem surrounding social finance. Additionally, we mapped out the barriers and opportunities within various policy domains to develop SOCs. Based on discussions with governments, implementing organizations, funds, and other experts, several organizations with potential to develop a SOC pilot project were identified. One of these organizations is Enable Ireland, a nonprofit organization that supports children and adults with disabilities and their families.

In the second phase, in collaboration with Enable Ireland, we developed a SOC pilot project proposal with the ambition that this pilot will be embraced by the relevant policy departments. The proposal specifies the intervention further and defines the intended outcomes. Finally, to raise awareness of the potential of SOCs among governments, civil society organizations, and other stakeholders, we are organizing various workshops during this assignment.

Result

The result of this study is a report outlining the potential for developing SOCs in Ireland. Additionally, in close collaboration with stakeholders from the field, we have developed a proposal for a SOC pilot project.

About the collaboration

“It has been a pleasure to work with Social Finance NL & UK in this assignment. They work with a very collaborative approach, bringing their experience and expertise on social outcomes contracts but also they were very open to learn and understand the particularities of the Irish context, being flexible to adapt the scope accordingly. They helped us to raise awareness and the understanding of the social outcomes-based approach across all key stakeholders. This will help us to mobilize more resources to drive social change in Ireland.” – Mario Vottero – Impact Director, Rethink Ireland

Photo by Evelien Hogers Fotografie